Allen & Overy, in association with leading local law firm Zeyad S. Khoshaim, has advised Saudi Electricity Company (SEC), the Gulf's largest utility company, on its first sukuk offered to US and other international investors in accordance with Rule 144A under the US Securities Act of 1933.
The deal, worth USD2 billion, is the largest Rule 144A sukuk out of the Middle East to date and consists of a 10 year series and an unprecedented 30 year series. The 30 year series is the longest tenor for any senior unsecured sukuk issue to date. Deutsche Bank and HSBC were the joint lead managers. (Press Release)